Solana has undoubtedly been one of the winners of this cycle after surging over 1,000% in a single year. Moreover, the bullish momentum was accelerated by multiple viral meme coins on the Solana blockchain that reached a market cap of $1 billion over the past year. While the price of SOL was affected by the crash that rocked the crypto market in June, its bullish momentum has yet to erode as speculation continues to pour in, with SOL expected to surpass its all-time high in 2021.
Solana prepares to move upward
A crypto analyst who goes by the pseudonym “NoLimit” on TradingView has… foot Bullish scenario for Solana price. This rise stems from a number of developments on the SOL chart and in the cryptocurrency market in general.
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For Solana price, the crypto analyst explains that there is a massive cup and handle formation forming on the chart. This formation is significant because it is historically bullish and appeared in 2021 when Solana price reached an all-time high above $250.
Moreover, the crypto analyst also points to a Fibonacci extension, which suggests that SOL price is heading towards a new all-time high. This extension suggests that SOL could rise to $550 and even $840, which would represent a 450% move from its current value.
When it comes to market bullishness, the crypto analyst points to spot Ethereum ETFs as another reason why Solana’s price is heading towards a new all-time high. The anticipation that spot Ethereum ETFs will soon start trading has already started to drive the price, with analysts predicting that it could push Ethereum to $5,000.
SOL sees increased buying pressure
By itself, the Solana cryptocurrency is doing very well so far. According to data from on-chain token tracker Coinmarketcap, SOL’s daily trading volume has increased by more than 13% in the last day, reaching over $2 billion in volume.
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Since the price has been on the rise in the last day, it indicates that Solana price is experiencing buying pressure, which is positive for the coin in the long run. Now, if this buying pressure continues, the altcoin could see a new all-time high soon.
Currently, SOL price is hovering just above $151, enjoying a 4.59% gain in the last day. On the weekly and monthly charts, the price is up 7.22% and 5.08% respectively.
Featured image created using Dall.E, chart from Tradingview.com